The jewel in Central – QUEEN CENTRAL: Something Different to Offer

22 August 2017

Savills has been appointed as sole agent for the tender sale of QUEEN CENTRAL, 338 Queen’s Road Central, Hong Kong. The asking price is approximately HK$1.2 billion. Tender closing date: 10 October 2017 (Tues).

Sheung Wan is an eclectic area not just architecturally but also socially. Its strong desirability for property with unique characteristics brings strong demand for projects like the one Savills is marketing for. The neighbourhood where the property is situated is particularly attractive, as it invites the “old into new culture” sentiment. Cultural spots such as PMQ, Man Mo Temple, stylish eateries and cafes are all nearby. Easy access to Central and Sheung Wan MTR Stations and to Hong Kong-Macau Ferry Terminal makes this area an authentic favourite.

Some facts to be disclosed: the gross floor area of the property is approximately 60,927 sq ft and the typical floor plate is approximately 2,341 sq ft. The property is to be sold on an “as is” basis with existing tenancies and hotel licence.

Jonathan Chau, Senior Director of Investment and Sales, Savills who leads the project, said, “the property possesses 999-year lease which very few properties in Hong Kong enjoy this tenure. Buyers, investors and residents alike are attracted to Sheung Wan for its histories and rich cultures, which made it different from other communities. It is also worth noting that QUEEN CENTRAL is the only available en-bloc building available for sale in this area currently and investors and buyers can enjoy its naming right and the striking external signage space.”

The commercial market has been very robust lately, particularly after the sale of Murray Carpark being sold to Henderson Land for HK$23.28 billion, translating to HK$50,064 per sq ft. This transaction has undoubtedly set a benchmark for the commercial property market.